India could save nearly Rs 1 lakh crore in crude oil import bills by 2030 if electric vehicles (EVs) account for 20 per cent of the vehicle market, ANI reported, citing a research report by the State Bank
of India (SBI).
The report estimates that around 35 lakh additional EVs could replace petrol-powered vehicles between 2027 and 2030, helping reduce India’s dependence on imported crude oil.
According to the report, EV adoption has accelerated significantly since the onset of the West Asia conflict in February 2026. EVs now account for more than 8 per cent of the vehicle market in 2026, and raising this share to 20 per cent by 2030 could lead to savings of nearly Rs 1 lakh crore in crude oil imports.
Average monthly EV registrations rose to 2.3 lakh during March-June 2026, compared with 1.3 lakh in 2025, reflecting an increase of around 1 lakh vehicles per month, ANI reported. Based on the current trend, SBI expects total EV registrations to cross 25 lakh this year.
The report said the rising share of EVs across passenger cars, two-wheelers and three-wheelers since February 2026 suggests that geopolitical tensions in West Asia have accelerated consumer interest in electric mobility.
To sustain this momentum, SBI stressed the need to expand charging infrastructure, particularly fast chargers, which currently account for only around 30 per cent of India’s charging network.
The bank also recommended a 10-15-year EV roadmap with clear targets for vehicle adoption, charging infrastructure, battery manufacturing and regulatory policies. It proposed measures such as creating an EV Credit Guarantee Fund, providing concessional land for public charging stations, increasing government procurement of electric vehicles and introducing a dedicated green mobility category to strengthen the EV ecosystem, according to the ANI report.
The report also highlighted disparities in charging infrastructure across states. In some states, each charging station serves more than 200 EVs, while in others the figure is around 50 vehicles per station.
India currently has 29,151 charging stations, with Karnataka and Maharashtra accounting for around 35 per cent of the country’s charging infrastructure. The report added that Tamil Nadu, Telangana, Andhra Pradesh and Goa have performed better in fast-charging deployment, with fast chargers making up more than 50 per cent of their charging stations.
